The outgoing boss of Anglo American struck a defiant note on her six years at the top yesterday as the miner slumped into the red on huge cost overruns at a troublesome Brazilian operation.

Cynthia Carroll, who is due to step down in April under pressure from disgruntled investors, brushed aside suggestions that Anglo needed turning around after a $239 million (£154 million) loss for last year, against a $10.8 billion profit in 2011. The loss was attributed to low commodities prices and surging spending on Minas-Rio, a big iron ore mine in Brazil.